Islamabad: Pakistan was selected to chair the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) in 2027, marking its return to the position for the first time in more than seven decades.

The Ministry of Economic Affairs confirmed the development on Friday, October 16, stating that Federal Minister for Economic Affairs Ahad Khan Cheema, who also serves as Pakistan's governor at the World Bank, was formally announced as the incoming chair.

The announcement was made during the plenary session of the 2026 IMF and World Bank Annual Meetings in Bangkok, Thailand.

The meetings, held from 12 to 18 October, brought together more than 15,000 participants from 191 countries, including central bank governors, finance ministers, policymakers and business leaders.

According to the ministry, Pakistan last held the chairmanship in 1953.

The ministry said the position would enable Pakistan to contribute to discussions on global economic challenges, development financing and cooperation among member countries.

After the announcement, Cheema received a briefing from the World Bank Group's Corporate Secretariat on the chairmanship's responsibilities.

He also met Aradhana Kumar Capoor, World Bank Group Vice President and Corporate Secretary, to discuss institutional coordination and support during Pakistan's upcoming tenure.

Cheema also held separate talks with outgoing chair Carlos Carvallo Spalding, governor of Paraguay's central bank, on the transition and priorities for 2027.

The minister said Pakistan would seek to strengthen developing countries' representation in international financial discussions and promote reliable access to development financing.

He also called for closer coordination among multilateral development institutions and greater mobilisation of private investment to support sustainable economic growth.

Meanwhile, Finance Minister Muhammad Aurangzeb is leading Pakistan's delegation at the annual meetings, where officials are engaging with international lenders, investors and development partners.

The chairmanship relates to the institutions' Boards of Governors, which provide high level governance and policy oversight. It does not automatically alter Pakistan's voting power, borrowing arrangements or access to IMF and World Bank financing.

Pakistan is expected to assume the position in 2027, with the government describing the appointment as an opportunity to participate more prominently in international economic and development discussions.